Subrata Roy's Sahara group tells Supreme Court it is 'impossible to deposit Rs 10,000 crore'

Mar 27 2014, 21:32 IST
Comments 0
'On compliance, the contemnors (Roy and others) be released forthwith and the amount deposited be released to Sebi' (AP) 'On compliance, the contemnors (Roy and others) be released forthwith and the amount deposited be released to Sebi' (AP)
Summary'It is an order with reasonable apprehension of bias against Sahara and concerned persons'

and unconstitutionality” of their order could be examined.

On Wednesday, the bench had asked the group to pay Rs 10,000 crore, out of which Rs 5,000 crore is to be deposited before the court, and for the balance, a bank guarantee of a nationalized bank is to be furnished in favour of Sebi.

“On compliance (with this order), the contemnors (Roy and others) be released forthwith and the amount deposited be released to Sebi,” said the bench, while making it clear that not only the bail was temporary and but was also being given to facilitate Roy “to further raise the balance amount.”

It had turned down vehement requests by Sahara counsel to reduce the cash amount to Rs 2500 crore in view of their inability to raise money without first securing Roy's release from jail.

Single Page Format
Ads by Google

More from Companies

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...